Liabilities and Stockholders’ Equity
Liabilities
$
Stockholders’ Equity
$
Total liabilities and stockholders’ equity $ t
Ans: N/A, LO: 3, Bloom: AP, Difficulty: Medium, Min: 15, AACSB: Analytic, AICPA BB: Legal/Regulatory Perspective, AICPA FC: Reporting, AICPA PC: Problem Solving, IMA: Reporting
Solution 207
LINDA DENNY, MD
Income Statement
For the Month Ended October 31, 2022
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Revenues
Service revenue ............................................................................ $23,000
Expenses
Salaries and wages expense $9,000
Insurance expense 3,500
Rent expense 2,000
Utilities expense 700
Total expenses ........................................................................................ 15,200
Net income $ 7,800